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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-40015

 

Viant Technology Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

85-3447553

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

2722 Michelson Drive, Suite 100

Irvine, CA

92612

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (949) 861-8888

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.001 per share

 

DSP

 

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

 

As of April 29, 2022 there were 14,071,482 shares and 47,082,260 shares of the registrant’s Class A and Class B common stock, respectively, $0.001 par value per share, outstanding.

 

 


 

 

TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

 

A.

Condensed Consolidated Balance Sheets

3

 

B.

Condensed Consolidated Statements of Operations

4

 

C.

Condensed Consolidated Statements of Convertible Preferred Units and Equity

5

 

D.

Condensed Consolidated Statements of Cash Flows

7

 

E.

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3.

Defaults Upon Senior Securities

37

Item 4.

Mine Safety Disclosures

37

Item 5.

Other Information

37

Item 6.

Exhibits

38

Signatures

39

 

 

 

2


 

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

As of March 31,

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

247,936

 

 

$

238,480

 

Accounts receivable, net of allowances

 

 

79,897

 

 

 

110,739

 

Prepaid expenses and other current assets

 

 

3,544

 

 

 

2,967

 

Total current assets

 

 

331,377

 

 

 

352,186

 

Property, equipment, and software, net

 

 

22,611

 

 

 

22,331

 

Operating lease assets

 

 

20,345

 

 

 

 

Intangible assets, net

 

 

1,499

 

 

 

1,786

 

Goodwill

 

 

12,422

 

 

 

12,422

 

Other assets

 

 

397

 

 

 

406

 

Total assets

 

$

388,651

 

 

$

389,131

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

24,706

 

 

$

32,877

 

Accrued liabilities

 

 

37,670

 

 

 

34,086

 

Accrued compensation

 

 

9,640

 

 

 

12,247

 

Current portion of deferred revenue

 

 

64

 

 

 

1,317

 

Current portion of operating lease liabilities

 

 

1,837

 

 

 

 

Other current liabilities

 

 

1,241

 

 

 

2,531

 

Total current liabilities

 

 

75,158

 

 

 

83,058

 

Long-term debt

 

 

17,500

 

 

 

17,500

 

Long-term portion of deferred revenue

 

 

 

 

 

5,234

 

Long-term portion of operating lease liabilities

 

 

19,668

 

 

 

 

Other long-term liabilities

 

 

 

 

 

765

 

Total liabilities

 

 

112,326

 

 

 

106,557

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and

    outstanding as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, $0.001 par value; 450,000,000 shares authorized;

   14,071,482 and 13,920,868 shares issued and 14,071,482 and 13,704,638 shares

   outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

14

 

 

 

14

 

Class B common stock, $0.001 par value; 150,000,000 shares authorized;

   47,082,260 and 47,107,130 shares issued and outstanding as of March 31, 2022 and

   December 31, 2021, respectively

 

 

47

 

 

 

47

 

Additional paid-in capital

 

 

85,926

 

 

 

82,888

 

Accumulated deficit

 

 

(25,979

)

 

 

(20,139

)

Treasury stock, at cost; 0 and 216,230 shares as of March 31, 2022 and

   December 31, 2021, respectively

 

 

 

 

 

(2,648

)

Total stockholders’ equity attributable to Viant Technology Inc.

 

 

60,008

 

 

 

60,162

 

Noncontrolling interests

 

 

216,317

 

 

 

222,412

 

Total equity

 

 

276,325

 

 

 

282,574

 

Total liabilities and stockholders’ equity

 

$

388,651

 

 

$

389,131

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3


 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Revenue

 

$

42,629

 

 

$

40,144

 

Operating expenses:

 

 

 

 

 

 

 

 

Platform operations

 

 

26,194

 

 

 

24,344

 

Sales and marketing

 

 

13,756

 

 

 

14,185

 

Technology and development

 

 

5,003

 

 

 

5,900

 

General and administrative

 

 

11,083

 

 

 

10,420

 

Total operating expenses

 

 

56,036

 

 

 

54,849

 

Loss from operations

 

 

(13,407

)

 

 

(14,705

)

Interest expense, net

 

 

152

 

 

 

235

 

Other expense (income), net

 

 

4

 

 

 

(70

)

Total other expense, net

 

 

156

 

 

 

165

 

Net loss

 

 

(13,563

)

 

 

(14,870

)

Less: Net loss attributable to noncontrolling interests

 

 

(10,371

)

 

 

(11,766

)

Net loss attributable to Viant Technology Inc.

 

$

(3,192

)

 

$

(3,104

)

Loss per share of Class A common stock:

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.27

)

Diluted

 

$

(0.23

)

 

$

(0.27

)

Weighted-average shares of Class A common stock outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

13,809

 

 

 

11,500

 

Diluted

 

 

13,809

 

 

 

11,500

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

4


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED UNITS AND EQUITY

(In thousands)

(Unaudited)

 

 

 

Class A

Common Stock

 

 

Class B

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Treasury

Stock

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Interests

 

 

Equity

 

Balance as of

   December 31, 2021

 

 

13,921

 

 

$

14

 

 

 

47,107

 

 

$

47

 

 

$

82,888

 

 

$

(20,139

)

 

 

(216

)

 

$

(2,648

)

 

$

222,412

 

 

$

282,574

 

Exchange of Class

   B common stock

   for Class A

   common stock

 

 

25

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of

   common stock

    in connection

   with equity-

   based

   compensation

   plans

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reissuance of

   treasury

   stock in

   connection

   with equity-

   based

   compensation

   plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,648

)

 

 

216

 

 

 

2,648

 

 

 

 

 

 

 

 

Allocation of

   equity to

   noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,276

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,276

 

 

 

 

Accrued

   member tax

   distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,326

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,192

)

 

 

 

 

 

 

 

 

 

 

(10,371

)

 

 

(13,563

)

Balance as of

March 31, 2022

 

 

14,072

 

 

$

14

 

 

 

47,082

 

 

$

47

 

 

$

85,926

 

 

$

(25,979

)

 

 

 

 

$

 

 

$

216,317

 

 

$

276,325

 

5


 

 

 

 

 

Convertible

Preferred Units

 

 

 

Common

Units

 

 

Class A

Common Stock

 

 

Class B

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Members'

 

 

Treasury

Stock

 

 

Noncontrolling

 

 

Total

 

 

 

Units

 

 

Amount

 

 

 

Units

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Shares

 

 

Amount

 

 

Interests

 

 

Equity

 

Balance as of

   December 31,

   2020

 

 

600

 

 

$

7,500

 

 

 

 

400

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

20,117

 

 

 

 

 

$

 

 

$

 

 

$

20,117

 

Net income

   prior to

   Reorganization

   Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

669

 

Effect of

   Reorganization

   Transactions

 

 

(600

)

 

 

(7,500

)

 

 

 

(400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

48,936

 

 

 

49

 

 

 

28,237

 

 

 

 

 

 

 

(20,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,500

 

Issuance of

   Class A

   common stock

   in initial public

   offering, net of

   underwriting

   and offering

   costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,500

 

 

 

12

 

 

 

(1,500

)

 

 

(2

)

 

 

228,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228,185

 

Allocation of

   equity to

   noncontrolling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(208,587

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

208,587

 

 

 

 

Accrued

   member tax

   distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,756

 

Net loss

   subsequent to

   Reorganization

   Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,104

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,435

)

 

 

(15,539

)

Balance as of

   March 31, 2021

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

11,500

 

 

$

12

 

 

 

47,436

 

 

$

47

 

 

 

67,656

 

 

$

(3,104

)

 

$

 

 

 

 

 

$

 

 

$

196,152

 

 

$

260,763

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

6


 

 

VIANT TECHNOLOGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(13,563

)

 

$

(14,870

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,154

 

 

 

2,427

 

Stock-based compensation

 

 

6,376

 

 

 

17,090

 

Provision for (recovery of) doubtful accounts

 

 

51

 

 

 

(194

)

Loss on disposal of assets

 

 

 

 

 

8

 

Amortization of operating lease assets

 

 

654

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

30,790

 

 

 

31,708

 

Prepaid expenses and other assets

 

 

(568

)

 

 

(2,793

)

Accounts payable

 

 

(8,157

)

 

 

(3,416

)

Accrued liabilities

 

 

3,584

 

 

 

(11,213

)

Accrued compensation

 

 

(2,721

)

 

 

(2,055

)

Deferred revenue

 

 

(6,486

)

 

 

(547

)

Operating lease liabilities

 

 

(461

)

 

 

 

Other liabilities

 

 

(1,083

)

 

 

(1,382

)

Net cash provided by operating activities

 

 

11,570

 

 

 

14,763

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(373

)

 

 

(167

)

Capitalized software development costs

 

 

(1,725

)

 

 

(1,893

)

Net cash used in investing activities

 

 

(2,098

)

 

 

(2,060

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock, net of underwriting discounts

 

 

 

 

 

232,500

 

Payment of member tax distributions

 

 

(16

)

 

 

(6,805

)

Payment of offering costs

 

 

 

 

 

(1,442

)

Net cash provided by (used in) financing activities

 

 

(16

)

 

 

224,253

 

Net increase in cash

 

 

9,456

 

 

 

236,956

 

Cash at beginning of period

 

 

238,480

 

 

 

9,629

 

Cash at end of period

 

$

247,936

 

 

$

246,585

 

Supplemental disclosure of cash flow information: